Research · Sep 3, 2026
[APH] Amphenol Thesis 2026: AI Datacenter Demand Transforms Communications Segment
Amphenol FY25 (Dec 31, 2025) at $23.09B net sales (+51.7%). Communications Solutions $12.06B (+91% — AI/datacenter interconnect engine), Harsh Environment $5.88B (+33%, military/aerospace), Interconnect & Sensor Systems $5.16B (+15%, auto/industrial). Segment OpMargin: CS 31.1%, HES 26.2%, ISS 19.5%. Reported OpMargin 27.2% (+430bp). Net income $4.31B (+76%); OCF $5.37B (+91%); FCF $4.39B (+104%); capex $997M (+50%). Capital return $1.47B (div $802M + buyback $665M); $826.9M authorization remaining. JPM PT $190 (OW); UBS PT $170 (Buy).